Site work for a stadium in Tampa, Florida. Completed plans call for site work for a stadium.

https://www.bizjournals.com/tampabay/news/2024/09/11/bucs-private-equity-nfl-raymond-james-stadium.html The NFL’s recent vote to allow private equity into franchise ownership will bring a flood of new money to teams — at a prime time for the Tampa Bay Buccaneers. Raymond James Stadium is nearing the end of its lifespan, and the 26-year-old facility will likely require renovations or redevelopment in the near future. The Glazer family, which has owned the team for nearly three decades, hasn't publicly voiced a preference on how or when to proceed with improvements. But access to private equity dollars now available could potentially help solve one of the most contentious parts of stadium renovations: public funding. The initial public funding deal the Glazers struck to build the stadium has long been criticized as a sweetheart deal, and the appetite for using taxpayer dollars to pay for stadium construction has waned in recent years (though the Tampa Bay Rays are receiving $600 million in public funding from St. Petersburg and Pinellas County to build a new stadium). Roger Goodell BS2expand Roger Goodell, Commissioner of the National Football League, said during an interview last week that the rule change would "support our family ownership programs throughout the league. It will give them a chance to get some liquidity, which they can use to invest back in their team, their facilities, however they see fit. So, I really believe it’s going to strengthen our position." It is unknown whether the Glazers are willing to sell a portion of the franchise to an outside group. A Bucs spokesperson declined to comment for this story. But the age of the county-owned stadium raises questions about its future. Beyond the eight Bucs home games a year played at Raymond James — more if the team makes the playoffs — a modern stadium is critical to Tampa's ability to win major events, like concerts, college football championship games and the Super Bowl. The stadium was last upgraded around eight years ago, and the Glazers paid for the majority of the $160 million those renovations cost. Redevelopment would be even more costly, and Hillsborough County commissioners have indicated their opposition to allocating tax dollars for the construction of a new stadium. The Mercedes-Benz Stadium in Atlanta cost an estimated $1.6 billion to build, while SoFi Stadium in Los Angeles cost $4.9 billion. Tampa last hosted a Super Bowl in 2021, when the Bucs became the first team in NFL history to play the championship game on their home turf. Tampa was only awarded Super Bowl LV — the fifth the city hosted — due to a construction delay in Los Angeles. In 2016, Tampa lost bids to host Super Bowls in 2019, 2020 and 2021 to cities that had new stadiums under construction at the time. A surge in the Bucs’ franchise value in recent years is a strong bargaining chip for luring in potential investors, according to BDO Managing Director Jessica Casucci. NFL is a different investment play for private equity. Typically, firms target undervalued companies or businesses in need of a turnaround, but “we know that’s not the case with the NFL,” she said. “It's going gangbusters. The upside [for investors] is potential growth and the immediate cash return,” she said, and "having cash that isn’t coming out of the owners’ pockets is very attractive right now,” Casucci said. The Bucs’ franchise value increased 33% to $5.4 billion over last year and has nearly doubled since 2020. The team's growing fan base is also boosting the potential returns of off-field, ancillary ventures, like sports betting and merchandising, according to Casucci. Value "isn't coming from what's happening on the field," she said. "It's primarily coming from loyal fans, merchandising, and broadcast rights." “Whether building a new stadium or drastically improving the existing stadium, the sports entertainment experience is what’s driving people to the seats,” she said. The Dallas Cowboys franchise value has skyrocketed in recent years to the highest dollar amount in the NFL at $10 billion, and the team hasn’t won a Super Bowl since 1996, Casucci said. "Demand is at an all-time high...As the appetite for sports entertainment grows, we'll see PE get even more creative," she said. ______________________________________________ Construction and Installation of a carport in the No-Fly Zone on the property of Raymond James Stadium The Tampa Sports Authority reserves the right to reject any and all bids, to waive irregularities, if any, and accept the bid, which in the judgment of the Authority, is determined to be in its best interest.